Benefits of Fixed Deposits offered by Various Banks in India

There are tax-saving fixed deposits which will let you save up to Rs. 1.5 laky per annum under Section 80C of the Income Tax Act. You can get returns on fixed deposits on a monthly basis or annual basis as per your convenience. And using a fixed deposit calculator you can check the monthly returns on your FD.

Monthly Interest Payout on FDs

Banks will pay a higher interest rate on fixed deposits and it is higher than the interest paid on the savings account.

Fixed deposits are offered by almost all banks in India. You can open a fixed deposit in a bank with minimal documentation. Some banks offer fixed deposits with monthly payouts.

You can go for such kinds of deposits from ICICI Bank, SBI, Axis and various other banks. You can opt for quarterly and annual returns apart from monthly returns. 

Comparison Between

Fixed Deposits, Guaranteed Return Plans & Debt Mutual Fund

Guaranteed Return Plans, Fixed Deposits &
Debt Mutual Fund

Guaranteed Return Plans

Returns Before Tax

7.5% ^(TAX-FREE)

Returns After Tax

7.5%

Guaranteed Returns

Yes

Life Cover

Yes

Tax on Profit

Tax Free*

Risk

No Risk

Still Better than FD’s and Debt Mutual Fund

Fixed Deposits

Returns Before Tax

7% ^(TAXABLE)

Returns After Tax

4.8%

Guaranteed Returns

Yes

Life Cover

No

Tax on Profit

Taxable

Risk

Low Risk

Debt Mutual Fund

Returns Before Tax

8% ^(TAXABLE)

Returns After Tax

5.5%

Guaranteed Returns

No

Life Cover

No

Tax on Profit

Taxable

Risk

High Risk

VIEW PLANS

*For annual premium upto ₹5 Lacs

If you opt for monthly returns, you should go for a lump sum investment. If you are looking for an alternative source of income on a monthly basis, you can opt for monthly payout on your fixed deposits. You can also use the FD calculator online to know your monthly returns.

How to Calculate Fixed Deposit Monthly Interest Payout?

Almost all the banks provide the facility to open an FD account using their online portal or mobile application. It enables all the potential investor to ascertain the monthly interest payout that they can earn.

Fixed Deposit Calculator

Listed below are the steps to help you calculate monthly payout interest on your fixed deposits-

• Visit the bank’s portal in which you want to open an FD account.

• Select the Fixed Deposit option

• Select the fixed deposit calculator option

• Select the amount of fixed deposits

• Enter the desired tenure

• Select the monthly payout the interest option

• The online calculator will give you the estimate of monthly interest payouts as per the bank’s interest rate.

Benefits of Fixed Deposits

You will have to deposit a lump sum amount and the equated monthly installments will be paid by the bank. The monthly installments comprise of the part principal as well as interest. The interest will be calculated on the reducing balance and it will be paid on monthly basis.

For example, if you have deposited Rs. 1 lakh and after few days the deposit can be broken as per your financial needs. You can break to the extent offered by the bank, which will be credited into your account along with the interest accumulated on that date. The rest of the amount will continue to earn the interest as per the tenure.

Here are some of the benefits that you can avail-

• Guaranteed Returns - The returns on fixed deposits are guaranteed. The bank or NBFC (Non-Banking Financial Institution) which commits the interest rate to the customer should pay the committed amount without fail. Hence, there will not be a risk to the customer.

• Better Returns - The returns on fixed deposits are higher than the returns on the savings account. The interest rate on fixed deposits varies from 3.5% to 7.75% per annum based on the bank and the tenure you select.

• Online Facility -You can open a fixed deposit account online at your own ease and convenience. If a fixed deposit is created online, it can be closed online upon maturity.

• Flexible Tenure Options - There are flexible tenure options available. You can choose the most convenient tenure such as less than one year, 2 years, 3 years, 5 years and 10 years as per your needs. A fixed deposit can be opened with as little duration as 7 days and as high duration as 10 years.

• Returns on Fixed Deposits - Before creating a fixed deposit, you should be aware of the returns on the fixed deposits. The Fixed Deposit Calculator presented by the bank’s website or third-party website will help you in the calculation of returns.

Key Features of FDs with Monthly Returns-

• The payment will start after one year from the date of payment

• Eligibility Criterion - Individuals, joint account holders, firms and businesses

• Interest - payable on a monthly basis as per the tenure

• TDS - applicable

• Nomination facility - available

• Loan/overdraft - available

• Premature closure - available

• Nomination facility is available under the plan

• You can take loan/overdraft on the deposit as per your needs.

• Bank offers a nomination facility as well to fulfill your financial needs.

Factors that Influence the FD Interest Rate

The bank will revise the interest on fixed deposits on regular basis based on the following factors:

• Economic Conditions- The current economic conditions together with fiscal and monetary policy combined have a significant effect on the applicable interest rates on FDs. It gives you an opportunity to earn the highest returns amongst and build an efficient retirement corpus for yourself.

• Invested Amount- The opening amount of your fixed deposit will have a direct impact on the interest rate that is applicable to your FD.

• Age of the Investor - Your age also plays an important role in determining the returns on your fixed deposit. The rate of interest on Senior citizens FDs is usually higher in comparison to the normal investors.

• Renewals- If you opt for an auto-renewal option, you can earn higher interest rates on your FD. And there will be no need to keep a track of the renewal date. Also, you can easily check the maturity amount using with a Fixed deposit Calculator.

Banks will deduct the returns on fixed deposit. if the returns are more than Rs. 10,000 in a financial year.

Bank FD Interest Rates

Bank FD Calculator

NRI-NRE FD Rates

Allahabad Bank FD Interest Rates

Andhra Bank FD Interest Rates

Assam Gramin Vikash Bank FD Interest Rates

AU Small Finance Bank FD Interest Rates

Axis Bank FD Rates

Bajaj Finance FD Interest Rates

Bandhan Bank FD Interest Rates

Bangiya Gramin Vikash Bank FD Interest Rates

Bank of Baroda FD Interest Rates

Bank of Ceylon FD Interest Rates

Bank of India FD Interest Rates

Bank of Maharashtra FD Interest Rates

Baroda Gujarat Gramin Bank FD Interest Rates

Canara Bank FD Interest Rates

Capital Small Finance Bank FD Interest Rates

Central Bank of India FD Interest Rates

Citibank FD Interest Rates

City Union Bank FD Interest Rates

Corporation Bank FD Interest Rates

Dakshin Bihar Gramin Bank FD Interest Rates

DBS Bank FD Interest Rates

Dena Bank FD Interest Rates

Dhanlaxmi Bank FD Interest Rates

Equitas Small Finance Bank FD Interest Rates

ESAF Small Finance Bank FD Interest Rates

HDFC Bank FD Interest Rates

HSBC FD Interest Rates

ICICI Bank FD Interest Rates

IDBI Bank FD Interest Rates

IDFC First Bank FD Interest Rates

Indian Bank FD Interest Rates

Indian Overseas Bank FD Interest Rates

IndusInd Bank FD Interest Rates

Jana Small Finance Bank FD Interest Rates

Karnataka Bank FD Interest Rates

Kerala Gramin Bank FD Interest Rates

Kotak Mahindra Bank FD Interest Rates

Lakshmi Vilas Bank FD Interest Rates

Muthoot Capital

Nainital Bank FD Interest Rates

Odisha Gramya Bank FD Interest Rates

Paschim Banga Gramin Bank FD Interest Rates

Paytm Payments Bank FD Interest Rates

PNB FD Interest Rates

Prathama UP Gramin Bank FD Interest Rates

RBL Bank FD Rates

Saurashtra Gramin Bank FD Interest Rates

SBI FD Interest Rates

Shriram Finance FD Interest Rates

State Bank of Hyderabad FD Interest Rates

State Bank of Mysore FD Interest Rates

State Bank of Travancore FD Interest Rates

Syndicate Bank FD Interest Rates

Tamil Nadu Grama Bank FD Interest Rates

Telangana Grameena Bank FD Interest Rates

Tripura Gramin Bank FD Interest Rates

UCO Bank FD Interest Rates

Ujjivan Small Finance Bank FD Interest Rates

Union Bank of India FD Interest Rates

Uttar Bihar Gramin Bank FD Interest Rates

Uttarakhand Gramin Bank FD Interest Rates

Vijaya Bank FD Interest Rates

Yes Bank FD Interest Rates

Expand

Allahabad Bank FD Calculator

Andhra Bank FD Calculator

AU Bank FD Calculator

Axis Bank FD Calculator

Bajaj Finance FD Calculator

Bandhan Bank FD Calculator

Bank of Baroda FD Calculator

Bank of India FD Calculator

Bank of Maharashtra FD Calculator

Canara Bank FD Calculator

Central Bank FD Calculator

Corporation Bank FD Calculator

Equitas Small Finance Bank FD Calculator

HDFC Bank FD Calculator

ICICI Bank FD Calculator

IDBI Bank FD Calculator

IDFC Bank FD Calculator

Indian Bank FD Calculator

Indian Overseas Bank FD Calculator

IndusInd Bank FD Calculator

Karnataka Bank FD Calculator

Karur Vysya Bank FD Calculator

Kotak Bank FD Calculator

Mahindra Finance FD Calculator

OBC Bank FD Calculator

Odisha Gramya Bank FD Calculator

PNB Bank FD Calculator

SBI FD Calculator

Shriram Finance FD Calculator

Syndicate Bank FD Calculator

Tripura Gramin Bank FD Calculator

UCO Bank FD Calculator

Union Bank FD Calculator

Yes Bank FD Calculator

Expand

HDFC NRE FD Rates

Maybank Malaysia FD Rates

SBI NRI FD Rates

Axis NRI FD Rates

Maybank Singapore FD Rates

Yes Bank NRI FD Rates

Conclusion

Fixed deposits are offered by various banks in India. Customers can deposit lump sum amount and the payout can be obtained after the maturity period or on monthly basis. Fixed Deposit Calculator can be used to calculate your returns and you can opt for a fixed deposit based on the monthly, quarterly or annual returns. The deposits are safe and secure and you will meet your financial goals without any issues.